The federal government has recently announced it will be
launching consultations on a potential framework regarding target
benefit pension plans (TBPs) for federally regulated private-sector
and Crown corporation pension plans. The federal government is
seeking views on the approach and elements of a proposed federal
TBPs have recently been attracting more attention in Canada and
aim to incorporate the advantages of defined benefit plans (DB),
such as pooling investment and longevity risk. However, unlike
traditional DB plans, benefits to members are "targets"
that, along with contributions, may be adjusted based on the
plan's financial situation. Members and beneficiaries would
also be responsible for funding deficits.
The federal government has released a consultation paper with
proposals and requests for views on the adoption of TBPs in the
areas of administration and governance, funding policy,
contributions, benefit structure, funding deficit recovery plan,
funding surplus utilization plan, disclosure and communications,
conversion of pension plans to TBPs, portability and locking-in
rules, individual termination, plan termination and windup, and
application to multi-employer plans.
Notable proposals for the federal TBP framework include a
joint-governance structure that would be administered by a board of
trustees or similar body with a fiduciary duty to the plan. A
deficit recovery plan is also proposed for TBPs, which would set
out measures to be taken in relation to a funding deficit
potentially including increasing contributions or reducing
benefits. The proposed federal TBP framework also allows for
conversion of both DB and defined contribution plans to TBPs. The
proposed approach for conversions is to "... allow for a
reduction in accrued benefits so as to accommodate
federally-regulated DB plans that, through consent from employees
and retirees, are seeking conversion to a federally-regulated
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The session will be led by Dr. Robert Brooks, an award-winning author and psychologist. In his presentation, Dr. Brooks will describe the mindset and realistic practices of leaders and staff that help to nurture and sustain a culture characterized by positive emotions, satisfying, respectful relationships, a sense of meaning and ownership for one’s work, and enhanced job performance. Examples will be offered to illustrate strategies for developing a positive emotional culture in an organization.
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